MortgageAbility News & Information

The Mortgage Works is the first lender to tighten-up its lending criteria for buy-to-let mortgages following new guidance from the FCA.

From 11 May the lender’s rental coverage requirement will increase from 125% to 145% and the maximum loan-to-value allowed will be reduced from 80% to 75%.

To give an indication of how the changed rental coverage requirement will affect borrowers, where the rental income of a property is £600 per month, the amount that could be borrowed will reduce from £105,000 to £90,000 (approximately).

Expect other lenders to follow suit over coming months.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.Whilst MortgageAbility does not charge for mortgage advice, please note that there will be an administration fee for arranging mortgages. The precise amount will depend upon your circumstances but we estimate it will be £395, payable on completion. MortgageAbility gives you the option to pay a non-refundable fee of 1% of the mortgage loan payable with the application. If this option is taken, MortgageAbility will refund any commission received from the lender.

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